Iona Capital manages funds on behalf of institutional pension funds and successfully invests these in long term projects within the UK renewables market. Having previously advised Iona Capital on the formation of fund structures for that investment, Simmons advised Iona Capital on the debt financing of a portfolio of 11 UK renewable energy projects to enable further returns to investors.
The £60million debt financing of the portfolio of operating anaerobic digestion plants located across England, Wales and Scotland completed against the backdrop of the additional challenges due to the COVID-19 pandemic.
Commenting on the transaction, Andrew Petry, a partner and finance specialist in the Simmons Projects team said “It has been fantastic to work with Iona Capital on this new phase in their work as investment managers. The Simmons team would like to congratulate Iona Capital in particular for completing this transaction during the COVID-19 pandemic.”
Graham Mackenzie, Investment Director at Iona Capital, said “The refinance is also a significant milestone for Iona and a firm endorsement of our investment strategy in the low carbon sector. We are grateful for Simmons’ assistance in this transaction.”
The Projects team, led by Richard Dyton and Andrew Petry, working with Associate, Samuel Chapman, delivered this successful transaction with the support of Cara Sykes (Of Counsel, Banking), Kim Farrar (Supervising Associate, Corporate) and Caroline Turner-Inskip (Partner, Real Estate).
